Hello,
A property is jointly owned by a person (Mr. A) and his aunt (Mrs. B).
However due to family disputes the said property is to be transferred to aunt through release deed "WITHOUT ANY CONSIDERATION".
As aunt doesn't comes under the purview of blood relative, what will be the tax implications on both of them?
Is aunt (Mrs. B) liable to pay Gift Tax or Capital Gain?
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Tax implications in case of transfer of property by "Release Deed"
Replies (1)
Yes. Mr.A is liable to capital gains unless there is a family arrangement document. Also,Mrs.B shall be liable to income from other sources ..check below link
https://www.caclubindia.com/forum/details.asp?mod_id=551792
https://www.caclubindia.com/forum/details.asp?mod_id=551792
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